Moreland Manufacturing Inc. produces and sells stainless steel faucets. In the current year, the company had...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Moreland Manufacturing Inc. produces and sells stainless steel faucets. In the current year, the company had budgeted for the production and sale of 6,000 faucets but, due to unexpected demand, 7,000 faucets were actually produced and sold. Each faucet has a standard requiring 15 ounces of direct material at a cost of $.40 per ounce and 15 minutes of assembly time at a cost of $.20 per minute. Actual costs for the production of 7,000 faucets were $41,359.50 for materials (106,050 ounces purchased and used @ $.39 per ounce) and $21,560 for labor (98,000 minutes @ $.22 per minute). Moreland's direct materials price variance is: O $1,060.50 U O $1,060.50 F $1,050.00 U $1,050.00 F Moreland Manufacturing Inc. produces and sells stainless steel faucets. In the current year, the company had budgeted for the production and sale of 6,000 faucets but, due to unexpected demand, 7,000 faucets were actually produced and sold. Each faucet has a standard requiring 15 ounces of direct material at a cost of $.40 per ounce and 15 minutes of assembly time at a cost of $.20 per minute. Actual costs for the production of 7,000 faucets were $41,359.50 for materials (106,050 ounces purchased and used @ $.39 per ounce) and $21,560 for labor (98,000 minutes @ $.22 per minute). Moreland's direct materials price variance is: O $1,060.50 U O $1,060.50 F $1,050.00 U $1,050.00 F
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The comparative balance sheets for Karidis Ceramics, Inc., for December 31, 209 and 208 are presented on the next page. During 209, the company had net income of $96,000 and building and equipment...
-
What are sponsored links, and how can they affect the quality of your search results?
-
A 21-year-old songwriter signed a contract in 1966 with a music publisher. The standard-form contract assigned the copyrights of all the plaintiffs output to the defendant company in return for the...
-
Minta Perry has received year-end information, including financial statements, from her accountant. Among the information is a report that the accounts receivable turnover ratio in the prior year was...
-
Edington Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2010, the following data are available. 1. Sales: 20,000...
-
The first question from this chart is asking to determine if management made the correct decision to not process the table clean a further by doing the following 1. Calculate The company's total...
-
A block of mass 5 kg is lifts off the floor and raised 5m. It is then carried 1.5m horizontally and finally lowered again to the floor. The total work done by gravity is?
-
For each of the following situations, indicate whether the auditor would use a primarily substantive approach or a lower control risk approach for most or all of the assertions. Give reasons for your...
-
Describe the four suggestions made by the SEC after an investigation into the McKesson \(\mathcal{O}\) Robbins case.
-
Consider the two groups $G_{1}=\mathrm{SO}(3)$ and $G_{2}=\mathrm{U}(1)$ and a surjective mapping $\mu: G_{1} ightarrow G_{2}$. Discuss whether, in general, $\mu$ is a homomorphism, or not.
-
How have auditors responded to the increasingly litigious environment?
-
Given two vector spaces $V_{1}$ and $V_{2}$, prove that the dimension of their direct sum is $\operatorname{dim}\left(V_{1} \oplus V_{2} ight)=\operatorname{dim} V_{1}+\operatorname{dim} V_{2}$.
-
Give the meanings of the following prefixes. 1. dia- 2. pro- 3. aut-, auto- 4. a-, an- 5. hyper- 6. h-
-
Sue Deliveau opened a software consulting firm that immediately paid $2,000 for a computer. Was this event a transaction for the business?
-
Suppose \(\mathscr{G}\) is the class of linear functions. A linear function evaluated at a feature \(\boldsymbol{x}\) can be described as \(g(\boldsymbol{x})=\boldsymbol{\beta}^{\top}...
-
Suppose that the loss function is the piecewise linear function \[ \operatorname{Loss}(y, \hat{y})=\alpha(\hat{y}-y)_{+}+\beta(y-\hat{y})_{+}, \quad \alpha, \beta>0 \] where \(c_{+}\)is equal to...
-
Show that, for the squared-error loss, the approximation error \(\ell\left(g^{\mathscr{C}} ight)-\ell\left(g^{*} ight)\) in (2.16), \(\begin{array}{llllll}\text { is } \quad \text { equal } & \text {...
Study smarter with the SolutionInn App